bank

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bank

n. 1) an officially chartered institution empowered to receive deposits, make loans, and provide checking and savings account services, all at a profit. In the United States banks must be organized under strict requirements by either the Federal or a state government. Banks receive funds for loans from the Federal Reserve System provided they meet safe standards of operation and have sufficient financial reserves. Bank accounts are insured up to $100,000 per account by the Federal Deposit Insurance Corporation. Most banks are so-called "commercial" banks with broad powers. In the east and midwest there are some "savings" banks which are basically mutual banks owned by the depositors, concentrate on savings accounts, and place their funds in such safe investments as government bonds. Savings and Loan Associations have been allowed to perform some banking services under so-called deregulation in 1981, but are not full-service commercial banks and lack strict regulation. Mortgage loan brokers, and thrift institutions (often industrial loan companies) are not banks and do not have insurance and governmental control. Severe losses to customers of these institutions have occurred in times of economic contraction or due to insider profiteering or outright fraud. Credit Unions are not banks, but are fairly safe since they are operated by the members of the industry, union or profession of the depositors and borrowers. 2) a group of judges sitting together as an appeals court, referred to as "in bank" or "en banc."

bank

noun bursary, cash box, coffer, depository, monntary reservoir, money box, pecuniary resource, promptuary, public treasury, repository, reserve, safe, safe-deposit vault, storehouse, strongroom, till, vault
Associated concepts: bank account, bank bill, bank certificate, bank check, bank collections, bank deposit, bank draft, bank examiner, bank money order, bank note, bank of deposit, bank of issue, bank robber, bank stock, bank transaction, bank withdrawal, bankbook, banker's acceptance, banker's lien, banking hours, banking powers, banking privileges, commercial bank, savings bank
See also: border, coffer, deposit, edge, fund, garner, hoard, keep, margin, pool, repository, reserve, shelter, store, treasury

BANK, com. law. 1. A place for the deposit of money. 2. An institution, generally incorporated, authorized to receive deposits of money, to lend money, and to issue promissory notes, usually known by the name of bank notes. 3. Banks are said to be of three kinds, viz : of deposit, of discount, and of circulation; they generally perform all these operations. Vide Metc. & Perk. Dig. Banks and Banking.

References in periodicals archive ?
Scrapping May Day and setting up new bank holidays on St George's Day (April 23) in England and St David's Day (March 1) in Wales Scrapping May Day and establishing a bank holiday in October to celebrate the Battle of Trafalgar ?
From a tourist point of view, bank holidays are far more likely to get the tills ringing if held in warmer months within the tourist season.
But this somewhat misses the point - the point being that such contracts were drawn up before the nation was given an extra, one-off bank holiday to mark a very special occasion.
6 billion Queen Elizabeth (QE) say that the wedding day will not be treated as an official bank holiday for their staff either - even though David Cameron announced it would be when the couple got engaged.
Ms Nicol explained: "In terms of entitlement to the additional bank holiday, the answer depends on what is written in employees' terms and conditions.
BIN collection days in Liverpool will change due to the Easter and Royal Wedding bank holidays.
The Royal Wedding is an extra bank holiday announced by the Government, which British workers should be entitled to.
A row blew up just before Christmas when workers accused Cadbury's US owners Kraft of refusing to recognise the New Year Bank Holiday.
If your boss is refusing to recognise the bank holiday, email graham.
Fast forward to the August Bank Holiday Monday, when the Moet et Chandon Silver Magnum - the amateurs' Derby at Epsom - would provide the icing on another action-filled afternoon.
There has been a groundswell of support for changes to the existing bank holiday system, led, not surprisingly, by trade unionists.
Transport Minister Kim Howells said: 'There is no easy time to do this work and the fact is that fewer people use the railway over a Bank Holiday weekend than a typical weekday.